CBI: Bill to block no-deal Brexit a ‘chink of light’ for business
The head of the Confederation of British Industry (CBI) has said that progress made yesterday towards passing a bill to prevent a no-deal Brexit represents a “chink of light” for businesses in the UK.
However Carolyn Fairbairn warned that “the clock is still ticking”, telling the BBC “the cloud has not gone away” for firms until an agreement is reached.
Read more: Would a no-deal Brexit really be so bad for business?
In the meantime, many will have to continue stockpiling, she said.
The government confirmed yesterday that the bill, which would force Prime Minister Boris Johnson to seek an extension to the current 31 October Brexit deadline, will complete its passage through the House of Lords on Friday.
MPs passed the proposed legislation yesterday, in a second key parliamentary defeat for Johnson in as many days.
The Prime Minister was also defeated in his attempt to call an election on 15 October yesterday, but the government is still campaigning for an election to be held.
Fairbairn said that, as a result, many businesses would have to continue their no-deal preparations “until they know otherwise”, a process she described as “so wasteful”.
“So many businesses are stockpiling for 31 October in the same way they did for 29 March at enormous cost and expense,” she said.
Read more: UK now better prepared for a no-deal Brexit, says Mark Carney
“And I think more and more are deeply concerned about the long-term effect on their competitiveness; they are seeing a loss of market share internationally that is very hard to claw back.”
The CBI has been vocal in its opposition to the UK leaving the EU without a deal, with Fairbairn previously saying it would do “severe” damage to business and should be an option “that is not even considered”.